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best mortgage for low down payment?

I have only 12k saved up and hoping for property in the $200k range. Whats the best route for me i have 719 fico by tinori784313 from Crestview, Florida. Oct 29th 2014 Reply


Manny Lindo (mlindo625)
#221 ranked lender in Florida - 16 contributions

Depending on what type of mortgage program you are looking to use $12K is not a bad amount to have when looking for a $200K property. Feel free to contact me to discuss what options are available to you. Some options even allow you to avoid monthly mortgage insurance.

Oct 29th 2014
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With the $12000 you have 5% down for concentional and we can ask the seller to help with closing cost. We can also absorb some cost thru the loan. I'm have to dig into more specifics for you. You can reach me at 561-373-0371 Toni Taylor owner at Inlet Mortgage Corp

Oct 29th 2014
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 220 contributions

You've got yourself a conventional deal there. It will be the least expensive financial structure. I would love to send you a few quotes or have you meet with someone in our Melbourne office. Let me know. David Ortega - Satori Mortgage - 954-900-9788 - dortega@satorimortgage.com

Oct 29th 2014
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You should get an FHA loan which you can do with 3.5percent down payment and you should look for a home where the seller is willing to contribute at least 3 percent toward your closing costCall Marie at 305-279-5111 ext 27 Monday to Friday 10 am to 5pm

Oct 29th 2014
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Barclay Butler (Barclay)
#1 ranked lender in Illinois - 65 contributions

You could go conv. with 5% down, FHA with 3.5% down, VA if you are a veteran with 0% down or USDA with 0% down. With that credit score I would go conv. 5% down with or without mortgage ins. Barclay Butler. Barclay Butler Financial Inc. 224-420-9990. bbutler@barclaybutlerfinancial.com

Oct 29th 2014
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,106 contributions

Conventional requires a minimum 5.00% down payment and FHA requires a minimum of a 3.50% down payment. Your $12,000 would be enough for either loan of course. Even though your score is good and you have the minimum down payment you would still need to get pre-approved to make sure you qualify. Contact a local loan officer and have them present you with all of your options. Best wishes, Sean

Oct 29th 2014
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Anthea Emerson (AntheaC2)
#217 ranked lender in Florida - 55 contributions

You have a few options. Conventional at 3 or 5% down payment. With 5% down payment, your mortgage insurance is a low amount and you can ask the seller to contribute up to 3% for your closing cost. With the additional $2000 left over from your down payment, that should be enough for everything.If your ratios (total debt......including new mortgage payment versus your gross income) is over 45%, then you will have to go FHA with 3.5% down but your mortgage insurance is much higher. Again, I also recommend asking the seller to contribute towards your closing costs.I'm also for keeping as much money in your pocket as possible. Moving is expensive and most new homeowners ignore all the costs associated! Local Florida lender. aaemerson@att.net

Oct 30th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

The best loan product out there is a VA loan, but it's only for those who have VA eligibility/benefits. With the amount you have saved up, you should pursue conventional financing. You will have to pay mortgage insurance, but the good news is that after 2 years and once you have reached 20% equity, you can request that your MI be dropped, and you wont have to refinance to do it.. I would avoid using FHA since they have the most expensive mortgage insurance of any loan product. Start by contacting a local mortgage broker.. they can give you the best service and a variety of options unlike the limited product line of your local bank. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 30th 2014
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Wow ok thank you - I thought I was on thin ice. I am concerned about my debt though. I have student debts that I'm paying off still from years ago. I have about 3 years of paying left and It's costing me $300 per month. Is this going to affect the fha versus convention mortgage at all?

Oct 30th 2014
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William J Acres (William_Acres)
#2 ranked lender in Arizona - 7,797 contributions

Both conventional and FHA have debt to income ratio restrictions.. FHA can be as high as 50%, but conventional you would be limited to 45%. This only takes into account your monthly debt and your new housing payment.. regular bills (cell phone, car insurance, utilities, etc.. )are not included into your ratios, only minimum monthly payments on your outstanding debt.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Oct 30th 2014
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Anthea Emerson (AntheaC2)
#217 ranked lender in Florida - 55 contributions

Student Loans will count with both FHA and Conventional. The difference is that if the student loans are deferred for 12 months from the date of closing, then it won't count in your debt ratio. Conventional loans will count it regardless.

Oct 30th 2014
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Barclay Butler (Barclay)
#1 ranked lender in Illinois - 65 contributions

You have to use student loan pmts. against you no matter what for a conv. loan. If you are going FHA and you can get the loans deferred for 1 yr from the closing date, then they can be excluded. Conv. debt ratios go from 45-50% case by case, usually 45%. With FHA we can go to 56.9% debt to income ratio. Barclay Butler. bbutler@barclaybutlerfinancial.com. www.barclaybutlerfinancial.com

Oct 30th 2014
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David Ortega (DavidOrtega)
#54 ranked lender in Minnesota - 220 contributions

If the student loans are your only debts on credit, then you will need to be making roughly $42,000/yr to qualify for a Conventional loan. If you make less than this, or you have additional credit cards or loans, then you may need to go with a FHA loan to purchase in that price range. Let me know. David Ortega - Satori Mortgage - 954-900-9788 - dortega@satorimortgage.com

Oct 31st 2014
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